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The Verdict: The Cash Rewards card from Hudson Valley Federal Credit Union is a great rewards card for members of the credit union. It has a wide range of standard features, premier customer service and no annual fee. The rewards system also has a tiered system for every dollar spent. Overall, this credit card is a good choice for members of the credit union that want a simple, straightforward rewards card without hidden fees.
Overview: There are three credit cards offered to members of the Hudson Valley Federal Credit Union. All three cards have the same standard features, such as travel benefits and fee-free balance transfers, although the Cash Rewards card is the only to feature the tiered system. Cardholders can earn up to 1% cash back on all qualifying purchases automatically credited to their account, all while enjoying no annual fee and a low variable APR.
How This Card Works: The Cash Rewards card uses the Visa system and is accepted worldwide. It features a 25-day grace period on all purchases, allowing the cardholder to avoid any interest charges if the balance is paid in full during this time. An unlimited number of balance transfers are allowed with the Cash Rewards card, all with no fees. The variable APR on the card applies to purchases, cash advances and balance transfers, making it simple to track interest charges and save money. The cash back system is tiered, although all earnings are cumulative. The rewards amount is based on each purchase amount, with $0 – $1,000 earning .25%, $1,001 – $2,000 earning .50%, $2,001 – $3,000 earning .75% and purchases over $3,000 earning a full 1.00% back. Cash rewards earned are paid automatically each November.
Travel & Shopping Benefits: This card has a number of standard benefits that come with all three credit cards offered by the credit union. Cardholders are automatically enrolled in $1,000,000 travel accident insurance that covers the entire family during travel. Cardholders may also choose to waive optional collision coverage when renting a vehicle as auto rental collision insurance is automatically added to any vehicle rented with the credit card. Purchases made with the Cash Rewards card qualify for extended warranties as well as extended service agreements. The card also includes other benefits, such as replacement of medical devices or corrective lenses, emergency cash, emergency ticket replacement and more.
Fees: Like all three cards offered by the Hudson Valley Federal Credit Union, this card has no annual fee and no penalty APR. The variable APR is the same for cash advances, balance transfers and purchases, which is a unique and straightfoward system. Unlimited balance transfers are allowed, all with no fees. The only transaction fee charged is an outside charge by Visa of 1% on foreign transactions. Currently, the variable APR for the Cash Rewards card is as low as 13.25%.
- No annual fee
- A single APR for purchases, balance transfers and cash advances
- Extended warranties and insurance on purchases
- Low interest rate
- Credit limit up to $20,000
- Unlimited fee-free balance transfers
- Up to 1% cash back on purchases
- Must be a member of the Hudson Valley Federal Credit Union to apply